If You Invested in Blue Foundry Ban (BLFY)

Blue Foundry Bancorp (NASDAQ: BLFY) is the holding company for Blue Foundry Bank, a full-service savings institution in the finance and insurance sector. According to company disclosures, Blue Foundry Bank is headquartered in Rutherford, New Jersey and maintains a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties. The bank describes itself as serving the "doers, movers, and shakers" in its communities and emphasizes tailored banking products and services for both individuals and businesses.

Blue Foundry Bancorp’s business model centers on community banking and traditional savings institution activities. The company originates a range of loans and attracts deposits, and it also invests in securities. Based on information from its public description, its lending activities include one-to-four-family residential, multi-family, and non-residential real estate mortgages, home equity loans and lines of credit, and commercial and industrial loans. It also offers consumer loans and has discussed unsecured consumer loan purchases with credit reserves in its financial updates. On the funding side, the bank attracts retail deposits from the general public in the areas surrounding its banking offices and through its online presence, offering a variety of deposit products such as non-interest-bearing accounts, NOW and demand accounts, savings accounts, and time deposits. The company also uses borrowings from the Federal Home Loan Bank of New York as a source of funds.

According to its own statements, Blue Foundry Bank positions itself as a full-service bank that provides "tailored products and services" to help individuals and businesses build their futures. The bank highlights its long operating history, noting a "rich history dating back more than 145 years" and a longstanding commitment to its customers and communities. Its disclosures emphasize a strategy of focusing on obtaining the full banking relationship of small- to medium-sized businesses, particularly in its northern New Jersey markets, and of diversifying its lending portfolio toward asset classes that provide higher yields and what management describes as better risk-adjusted returns.

From a balance sheet perspective, company communications describe a loan portfolio that includes residential, multifamily, commercial real estate (including owner-occupied properties), construction, commercial and industrial, junior liens, and consumer and other loans. Over recent reporting periods, management has discussed growth in consumer loans through purchases of unsecured consumer loans with credit reserves, as well as growth in commercial real estate and commercial and industrial lending. At the same time, it has reported reductions in certain categories such as multifamily and residential loans in some periods, reflecting an ongoing effort to shift the mix of the portfolio.

On the deposit side, Blue Foundry Bancorp’s reports describe growth in total deposits and in core deposits, which it defines as non-interest-bearing checking, NOW and demand accounts, and savings accounts. The company has stated that it aims to attract the full banking relationship of small- to medium-sized businesses through what it calls an extensive suite of deposit products, while operating in a competitive deposit market in northern New Jersey. It has also disclosed the use of brokered deposits, noting that increases in brokered deposits have supplemented reductions in higher-cost retail time deposits and helped fund loan growth. The company regularly reports the proportion of uninsured and uncollateralized deposits to total deposits and notes that its bank subsidiary’s capital ratios remain above the FDIC’s "well capitalized" standards.

In addition to deposits, Blue Foundry Bancorp uses borrowings as a funding source. Its filings and earnings releases reference borrowings from the Federal Home Loan Bank (FHLB), along with available borrowing capacity at the FHLB and secured lines at the Federal Reserve Bank, as well as other unsecured lines of credit. The company has reported changes in FHLB borrowings over time, including reductions funded by deposit growth and, in some periods, modest increases. It also discloses levels of cash and cash equivalents and the composition of its securities portfolios, including securities available-for-sale and securities held-to-maturity.

Blue Foundry Bancorp has also made use of share repurchase programs as part of its capital management. Company announcements describe multiple stock repurchase programs, including a sixth stock repurchase program authorized to repurchase up to a specified percentage of its outstanding common stock. The company has reported the number of shares repurchased under these programs, the weighted average repurchase prices, and the impact on shareholders’ equity. Management commentary in these releases characterizes share repurchases as a use of capital and notes that repurchases have been executed at prices the company views as favorable relative to tangible book value per share.

From an earnings perspective, Blue Foundry Bancorp’s recent public communications have reported net losses over several quarters and for recent full-year periods. Management has highlighted trends such as expansion in net interest margin, changes in yields on interest-earning assets, and changes in the cost of interest-bearing liabilities. The company has also discussed non-interest expenses, including compensation and benefits, data processing, advertising, professional services, and occupancy and equipment, and has noted the impact of variable compensation accruals and seasonal expenses. In its disclosures, Blue Foundry has also addressed its allowance for credit losses on loans, non-performing loans, net charge-offs, and the ratio of allowance for credit losses to non-performing loans.

In November 2025, Blue Foundry Bancorp entered into an Agreement and Plan of Merger with Fulton Financial Corporation, as disclosed in a Form 8-K filing and a joint press release. Under the terms of this agreement, Blue Foundry will merge with and into Fulton, with Fulton surviving the merger. Following this transaction, Blue Foundry Bank is expected to merge with and into Fulton Bank, N.A., with Fulton Bank as the surviving bank. Subject to the conditions set forth in the merger agreement, Blue Foundry stockholders will have the right to receive a specified number of shares of Fulton common stock for each share of Blue Foundry common stock at the effective time of the merger. The merger agreement includes customary representations, warranties, covenants, and termination rights, and the transaction is subject to conditions such as stockholder approval, regulatory approvals, and the effectiveness of a registration statement to be filed by Fulton.

The merger agreement and related voting agreements, as described in the Form 8-K, indicate that the boards of directors of both Blue Foundry and Fulton unanimously approved the merger agreement and that certain directors and executive officers of Blue Foundry have agreed, in their capacities as stockholders, to vote their shares in favor of the merger agreement, subject to specified exceptions. The Form 8-K also describes settlement and restrictive covenant agreements with certain Blue Foundry executives in connection with the merger, including payments pursuant to existing agreements and post-merger non-compete and non-solicitation covenants. The company’s disclosures emphasize that the merger remains subject to various conditions and that there is no assurance as to the timing or completion of the proposed transaction.

Blue Foundry Bancorp’s SEC filings, including periodic reports and current reports on Form 8-K, provide additional detail on its financial condition, results of operations, loan and deposit composition, capital levels, and significant corporate actions such as the announced merger and stock repurchase programs. Investors and analysts use this information, along with the company’s earnings releases and conference call presentations, to evaluate the bank’s performance, risk profile, and strategic direction within the savings institutions segment of the finance and insurance sector.

Business model and activities

According to its public description and financial disclosures, Blue Foundry Bancorp’s core activities include:

• Originating one-to-four-family residential mortgages, multi-family mortgages, and non-residential real estate mortgages.
• Providing home equity loans and lines of credit.
• Extending commercial and industrial loans and commercial real estate loans, including loans on owner-occupied properties.
• Maintaining portfolios of construction loans, junior liens, and consumer and other loans, including purchased unsecured consumer loans with credit reserves.
• Attracting deposits through non-interest-bearing accounts, NOW and demand accounts, savings accounts, and time deposits, including core deposits and brokered deposits.
• Investing in securities, including securities available-for-sale and securities held-to-maturity.
• Using borrowings from the Federal Home Loan Bank and other funding sources to support asset growth.

Its revenues are described as being derived from interest on loans and, to a lesser extent, interest on mortgage-backed and other investment securities. The company’s sources of funds include deposits, principal and interest payments on loans and securities, and borrowings from the Federal Home Loan Bank of New York.

Regional focus and community orientation

Blue Foundry Bank emphasizes its role as a community-focused bank with a presence in multiple counties in northern New Jersey, including Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties. The bank highlights its long history, spanning more than 145 years, and its commitment to serving local customers and communities. Company communications repeatedly describe the bank as offering tailored products and services to individuals and businesses to help them build their futures, and as serving active and entrepreneurial customers in its markets.

Capital, risk, and regulatory status

In its earnings releases, Blue Foundry Bancorp reports that its bank subsidiary’s capital ratios remain above the FDIC’s "well capitalized" standards. The company provides information on tangible equity to tangible assets and tangible common equity per share, and it discusses its allowance for credit losses on loans, non-performing loans, and net charge-offs. It also discloses that it has established a full valuation allowance on its deferred tax assets and, in multiple periods, has not recorded a tax benefit for losses due to this valuation allowance.

The company’s securities are registered under Section 12(b) of the Securities Exchange Act of 1934, and its common stock trades on The NASDAQ Stock Market LLC under the symbol BLFY. Its SEC filings identify Delaware as its state of incorporation.

Merger with Fulton Financial Corporation

The announced merger with Fulton Financial Corporation represents a significant corporate development for Blue Foundry Bancorp. As described in the Form 8-K and press release dated November 24, 2025, the transaction is structured as an all-stock merger in which Blue Foundry will merge into Fulton, followed by the merger of Blue Foundry Bank into Fulton Bank, N.A. The merger agreement includes conditions such as approval by Blue Foundry stockholders, receipt of required regulatory approvals, and the effectiveness of Fulton’s registration statement. The agreement also provides for a termination fee under certain circumstances involving a competing acquisition transaction.

Until the merger is completed, Blue Foundry Bancorp continues to operate as an independent holding company for Blue Foundry Bank, and its SEC filings and public statements continue to provide updates on its financial results, capital position, and progress on strategic initiatives such as loan portfolio diversification, deposit growth, and stock repurchase programs.

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